Fall is just around the corner, and with the rising cost of goods, school starting back up, and the holidays just around the corner; Fall is the perfect time to be saving money. We have some tips and ideas for you to save money this fall.
- Explore Your Area
- Invest in a CD
- Buy In-Season
- Make Substitutions
- Simplify
- Pay down debt
1.Explore Your Area
Traveling is more prevalent during the summer months, but you may want to still try new experiences in the next season. Fall is a wonderful time to explore something in your local area. There are lots of outdoor activities that happen in the fall, with more enjoyable temperatures. The nice thing about these events and activities is that many are low cost and nearby! This allows you to have fun, while not having to break the budget.
2. Invest in a CD
Without the summer travel and activity expenses, and no holiday shopping yet, you may have a little cushion in the budget. What is the best thing to do with that money? Let it work for you! With rising interest rates, it has never been a better time to invest your money in a CD (Certificate of Deposit). The rates help your money to grow in a fairly low risk way, helping to boost your account. Cobalt CU has multiple CD options available.
3.Buy In-Season
Right now, the biggest hit to your savings might be the rising cost of food. In this geographic area fall takes us deeper into harvest season. This is a great time to buy items locally from stands or farmers markets, even at the grocery store, items that are in-season will be less expensive. So, if you have a new fall recipe you want to try, this is the time!
4. Make Substitutions
It is all about having the right mindset when you are saving. If you feel like you are depriving yourself of something, you will want it even more. This is why substitutions are important. Finding a less expensive way to have or enjoy something can make all the difference.
One example is, if you must have your iced coffee from the local coffee shop every morning, and you really want all the new fall flavors, try buying a premade cold brew from the grocery store with a seasonal creamer. This will help cut down on the cost and still give you something you enjoy!
5.Simplify
When there is too much going on, or everything is being made more difficult than it needs to be, you tend to spend more money on quick fixes. Try the following ways to simplify your routine, and thus shrink your budget to save more money.
Meal Prep: Or at least eat similar things on a schedule. The more you eat the same types of things, the more money you can save buying in bulk and buying less ingredients. Big box store memberships are helpful for this, and for saving money on gas.
Hang Out at Home: If you are wanting to do stuff with other people try out the stuff from tip one, or host dinner or a movie night at home, better yet make it a potluck. It will still be cheaper than going out to eat, and the memories will be just as great.
Get Creative: Come up with a list of activities, theme nights, or other fun ideas that you would like to do; for less money than the traditional activity out. You can create a backyard obstacle course, have a homemade pizza and movie night, or have a dance party to your favorite songs.
Declutter: There are likely items in your home that you do not use. Go through them and see what you can get rid of. There are then many ways for you to sell those items; Facebook Marketplace, ThredUp, Poshmark, Mercari, a garage sale, consignment stores, etc. Donating is also great if you cannot sell an item, just make sure not to replace the old item with something new.
6.Pay Down Debt
With rising interest rates, paying attention to your debt is important. You could be spending more money than you think by slowly paying off your debt or having multiple channels of debt. Condensing your debt could be a good option to help you pay it off more quickly. Two ways to do this include personal loans or moving all your credit card debt onto one card. Another free resource for learning more about consolidating debt is our Debt Management Guide.
Finding new ways to save money can be difficult, especially when the budget seems like it does not have a lot of excess. With some creative thinking, and some new habits, you can save money this fall!
Looking for a budget, check out Cobalt CU’s Monthly Budget Worksheet.
